Frozen food products are manufactured in a way that preserves their freshness & goodness for a longer duration under low temperatures. They can include an extensive range of meat & seafood, fruits & vegetables, dairy products, desserts, and snacks & beverages. These types of food are mainly ready-to-cook & ready-to-eat and are gaining swift momentum worldwide, especially among the working population.
The Global Frozen Food Market is projected to grow at around 4.8% CAGR during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the increasing population & its massive food requirements, coupled with the burgeoning number of working people, i.e., propelling the demand for frozen food as a convenient option with minimal or no preparation time.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific|
|Middle East & Africa: GCC, Africa, Rest of Middle East and Africa|
|Key Companies Profiled||Ajinomoto Foods, Conagra Brands Inc., Frosta AG (Frosta), General Mills Inc., Grupo Bimbo, Heinz Frozen Food Company, Lantmannen Unibake, McCain Foods Limited, Nestle SA, Nomad Foods Ltd., The Kellogg Company, Tyson Foods, Unilever PLC, Wawona Frozen Food|
|Unit Denominations||USD Million/Billion|
Owing to the hectic lifestyle & changing food preferences of people, the demand for frozen food is escalating swiftly and generating lucrative growth opportunities for food manufacturers to introduce extensive menus for consumers.
Besides, the emerging trend of veganism is another aspect stimulating the demand for frozen fruits & vegetables worldwide, thereby driving the global market. Moreover, increasing inflow of tourists in different corners of the world is also portraying a rising demand for frozen food across cafes, restaurants, hotels, etc.
Furthermore, the easy availability of ready-to-cook & ready-to-eat frozen food across numerous sales channels, coupled with the growing inclination & expenditure of people on frozen food due to its extended shelf life, are other prominent factors projected to promote the growth of the global market through 2027.
Key Trend in the Global Frozen Food Market
The leading food & beverage manufacturers are actively taking initiatives toward extending their services to online platforms for customers to explore through an extensive range of frozen food of various brands & nutritional values. It, in turn, is enabling them to expand their visibility & reach across different regions worldwide.
Besides, with the growing internet penetration, online sales channels are gaining significant traction and becoming a prominent shopping source globally, which, in turn, projects profitable prospects for the Global Frozen Food Market over the forecast years.
Impact of Covid-19 on the Global Frozen Food Market
The Covid-19 pandemic in 2020 had a decelerating effect on most industries worldwide, yet the Global Frozen Food Market witnessed an upswing. Owing to the severity of the global crisis, governments of different countries imposed stringent movement restrictions & frequent lockdowns to curb the spread of this dreadful disease. As a result, all manufacturing operations got suspended & people had to remain at home as a safety measure.
As the duration of the impositions was uncertain, people began panic shopping & stockpiling food & commodities. Consequently, the demand for frozen food escalated dramatically amidst the crisis and, in turn, instigated the leading market players to increase their production & distribution capacities. Since, unlike other sectors, food comes under essentials, the market did not face severe challenges in the supply chain and observed a notable hike amidst the pandemic.